GRA Slaps 15% VAT on Non-Life Insurance Premiums Effective July 1
Accra, Ghana - 26 June, 2025 - The Ghana Revenue Authority (GRA) has announced that it will introduce a 15% Value Added Tax (VAT) on non-life insurance premiums, effective July 1, 2025. The tax will apply to various types of insurance, including property, health, and travel, but will exempt motor insurance.
According to the GRA, the move is aimed at improving revenue collection to help meet the government's target set in the 2025 Budget. The tax will result in individuals and businesses paying 15% more to insurance companies in exchange for an insurance policy, which provides financial protection against potential losses or damages.
The introduction of the VAT on non-life insurance premiums is expected to increase the cost of insurance for policyholders. However, the GRA believes that the additional revenue generated will contribute to the government's revenue targets and support national development.
Policyholders are advised to factor in the additional cost when renewing or purchasing new insurance policies.
Source: Lead News Online
